Rising Oil, Strong Earnings Have Several Energy Stocks Jumping Today

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Resonant Jumps on Licensing Agreement

Resonant Inc. (NASDAQ:RESN) has gained over 10% today after it announced an expanded licensing agreement with one of its Tier One customers. The designer of radio frequency filters announced that as part of the expanded agreement it will develop an integrated module that will include both a duplexer and quadplexer. The agreement with the unnamed customer brings the total number of products in development for that company based on its patented technology and design tools to seven.

We also reported on a massive cluster of insider buying at Resonant Inc. (NASDAQ:RESN) on April 27, which saw a multitude of its Board members and executives buy up shares. Shares of the company have gained 47% since then.

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Denbury Pecking Out a Rebound

Back now to some of the day’s energy gainers with a look at Denbury Resources Inc. (NYSE:DNR). Shares of the company are up by 9% today, stemming some of the stock’s bleeding since late-June. Short interest in the company’s stock soared during the second-half of that month and shares quickly dropped in response, falling by 40% between June 21 and August 3. That followed the company selling its remaining assets in the Williston Basin for $58 million on June 20. Denbury announced its second quarter results on August 4, with earnings of $0.08 per share easily beating estimates of $0.02 thanks to effective cost reductions across all categories of the company’s business. Andy Redleaf‘s Whitebox Advisors opened a 1.18-million-share position in Denbury Resources Inc. (NYSE:DNR) during the second quarter.

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Sanchez Energy Enjoys Strong Quarter

Sanchez Energy Corp (NYSE:SN) has enjoyed the double whammy of rising oil and a strong earnings report issued this morning, leading to its shares soaring by over 23% today. The company reported an adjusted loss of $0.06 per share for the quarter, beating analysts’ consensus estimate by $0.03. Revenue did widely miss estimates however, coming in at $110.97 million, $15.51 million short of expectations. Nonetheless, revenue was up by 39% quarter-over-quarter, and while other players in the industry are exhibiting caution, Sanchez Energy is showing some aggressiveness, with plans to increase spending on E&P activities by as much as $50 million this year, with the aim of boosting its production by 5%-to-7% next year.

Sanchez Energy Corp (NYSE:SN) was in the portfolios of eight of the hedge funds tracked by Insider Monkey on March 31, with them collectively owning 8.40% of its common stock.

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Disclosure: None

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